Kenya, Nigeria top Leading Adopters of Cryptocurrency in Africa – Chainalysis Reports
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Reports according to Chainalysis a crypto research company has ranked Kenya as the leading adopter of cryptocurrency on the African continent.
Crypto adoption is gradually hitting the skies for emerging markets and Africa is not left out of this development.
Following Vietnam, India, Pakistan and Ukraine, Kenya and Nigeria ranked fifth and sixth respectively according to the crypto adoption index developed by Chainalysis.
Leading the crypto adoption on the African continent based on the report are:
- South Africa
Emerging markets took up seventeen places on the list while leaving three other positions to countries from developed economies.
According to Chainalysis, the 3 key metrics behind the global ranking are:
- Peer to Peer trade volumes
- On-chain retail value transfer showing individual cryptocurrency transaction
- On-chain cryptocurrency value showing the aggregate activity on crypto
Chainalysis also reports that the 3 key metrics used in the report were adjusted for purchasing power parity and this added substance to the values of emerging markets.
While the report indicated that institutional investment led to increased adoption in the west, however, it indicated different reasons for it in emerging markets which include:
- Sending and receiving remittances
- Turning to cryptocurrency for savings due to devaluation on fiat currency
Chainalysis also added that the adoption of crypto in the world increased by 300% from Q2 2020 to Q2 2021.
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